Pakistan’s current account posted a surplus for the fourth consecutive month, clocking in at $334 million in June 2023, SBP data showed Tuesday.
According to the data released by the State Bank of Pakistan (SBP), the current account balance posted a surplus of $334 million for the month of June compared to a deficit of $2.32 billion during the same period of the previous year.
This is the fourth consecutive current account surplus on a monthly basis, starting March 2023.
“On a YoY basis, the primary reason behind the surplus was a 55% YoY decline in total imports along with a 29% YoY decrease in exports,” said brokerage house Arif Habib Limited (AHL) in a note. “Moreover, remittances decreased by 22% YoY,” it added.
In a tweet today, Finance Minister Ishaq Dar shared some figures of the current account and said “that’s how Pakistan didn’t default”.
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